GoldBod Reforms Help Ghana Retain More Gold Export Proceeds – Mahama

President John Dramani Mahama has credited the establishment of the Ghana Gold Board (GoldBod) with improving the country’s ability to retain foreign exchange earnings from gold exports and strengthen its control over the small-scale mining sector.

The President said reforms introduced under GoldBod have helped address longstanding challenges in the gold trading industry, particularly smuggling and the failure to repatriate export proceeds into Ghana’s economy.

Speaking during an engagement with members of the Ghanaian community in Moscow, Russia, Mahama explained that the previous gold trading arrangement made it difficult for the country to account fully for gold produced by artisanal and small-scale miners and the foreign exchange generated from its export.

According to him, the introduction of GoldBod has strengthened oversight of the sector by bringing gold purchases, aggregation and exports under a more coordinated regulatory framework.

Mahama disclosed that Ghana’s artisanal and small-scale mining gold exports increased from 64 tonnes in 2024 to 104 tonnes in 2025 following the reforms.

He said the increase also translated into a significant improvement in foreign exchange earnings, which rose from approximately US$4.6 billion in 2024 to US$10.8 billion in 2025.

The President explained that the reforms were designed to ensure that proceeds from Ghana’s mineral resources contribute more directly to the national economy rather than being lost through unauthorised trading and smuggling.

GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), and given responsibility for regulating key aspects of the gold trade, particularly purchases and exports from the artisanal and small-scale mining sector.

Mahama also highlighted the importance of strict penalties introduced under the new regulatory framework to discourage unauthorised gold exports and strengthen compliance.

Beyond increasing recorded exports, the government is pursuing policies to retain more value from gold through local testing, assaying and refining.

GoldBod has also introduced a mandatory local refining requirement for gold doré exported by self-financing aggregators, effective September 1, 2026.

The broader objective, according to the government, is to ensure that Ghana benefits not only from extracting and exporting gold but also from the valuable services and economic activities associated with its processing.

The reforms have attracted attention beyond Ghana, with the African Union recommending the country’s GoldBod model as an example for other African countries seeking to improve mineral governance and retain more economic benefits from their natural resources.

Mahama’s administration believes stronger regulation, improved foreign exchange retention and increased local value addition will help Ghana maximise the economic benefits of its gold resources.

Orente_News feedback-opera-news-app@opera.com